Open Text (NASDAQ:OTEX) Price Target Raised to $32.00 at Citigroup

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target lifted by Citigroup from $30.00 to $32.00 in a research report report published on Friday morning,BayStreet.CA reports. The brokerage currently has a neutral rating on the software maker’s stock.

Several other equities research analysts have also issued reports on OTEX. StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Royal Bank of Canada lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from $45.00 to $33.00 in a report on Friday, November 1st. UBS Group assumed coverage on shares of Open Text in a research note on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price objective on the stock. Scotiabank decreased their target price on Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research note on Friday, November 1st. Finally, BMO Capital Markets cut their price target on Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a report on Friday, November 1st. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Open Text presently has a consensus rating of “Hold” and an average target price of $35.45.

Open Text Stock Performance

Open Text stock opened at $27.86 on Friday. Open Text has a 12-month low of $26.84 and a 12-month high of $42.17. The company has a market capitalization of $7.35 billion, a price-to-earnings ratio of 11.33 and a beta of 1.12. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79. The firm’s fifty day moving average price is $28.90 and its 200 day moving average price is $30.64.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.33%. On average, research analysts forecast that Open Text will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be given a $0.2625 dividend. This is a positive change from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, March 7th. This represents a $1.05 annualized dividend and a yield of 3.77%. Open Text’s payout ratio is 42.68%.

Institutional Investors Weigh In On Open Text

A number of institutional investors and hedge funds have recently modified their holdings of OTEX. Assenagon Asset Management S.A. boosted its holdings in shares of Open Text by 1.7% in the third quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker’s stock worth $629,000 after buying an additional 322 shares during the period. BNP Paribas Financial Markets boosted its position in shares of Open Text by 3.3% in the third quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock worth $369,000 after buying an additional 351 shares during the period. Cromwell Holdings LLC lifted its stake in Open Text by 29.6% in the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after acquiring an additional 380 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock worth $39,000 after purchasing an additional 398 shares in the last quarter. Finally, Allworth Financial LP increased its stake in Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after buying an additional 439 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Company Profile

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.